Automotive Seat Belt Market

Considered to be a basic necessity in automotive safety devices, a seat belt is primarily designed to protect the driver from injuries inflicted by vehicular impact. Seat belts have saved countless drivers and passengers from accidents that would have otherwise proved harmful or even fatal.

The global automotive seat belt market is exhibiting a CAGR of 8.4% from 2015 to 2021. The global automotive seat belt market’s 2015 estimation is US$11.9 bn, which is further predicted to reach US$19.5 bn by the end of 2021. In terms of volume, the global automotive seat belt market is growing at a CAGR of 6.8% in the aforementioned forecast period. The global automotive seat belt market in 2014 was measured at 433,480 thousand units. By the end of 2021, the global automotive seat belt market will be measured at 684,555 thousand units.

Increasing Regulations Boost Global Automotive Seat Belt Market

The global automotive seat belt market is considerably driven by regulations that mandate the uptake of seat belts. Currently, the global automotive seat belt market is experiencing an increase in uptake of three-point belts, major investments in research and development activities, a growing use of multiple advanced safety technologies, and a shift towards safety systems that are active rather than passive. These factors will collectively drive the global automotive seat belt market in the near future.

Asia Pacific Leads Global Automotive Seat Belt Market

Nearly 28.8% of the revenue generated in the global automotive seat belt market in 2014 was attributed to Asia Pacific. Europe is quite close behind, as the region gathered a share of 28.0% in the global automotive seat belt market in 2014. The gap is expected to widen in the near future as the Asia Pacific seat belt market is expected to grow at a CAGR of 11.4% between 2015 and 2021, which will be the highest regional CAGR in the global automotive seat belt market. The second highest CAGR for the same forecast period will be displayed by MEA, which will be growing at an 8.5% CAGR. Researchers say that Asia Pacific will remain the more appealing region in the global automotive seat belt market for all top market competitors due to its booming automotive market, where increasing regulations and mandates are creating ample space for the global automotive seat belt market to prosper.

On dividing the global automotive seat belt market according to the type of car, the market is led by the passenger car segment. The passenger car segment in 2014 generated US$7.5 bn, which was 318,710 thousand units in terms of volume. According to technology, the pretensioner segment topped the global automotive seat belt market in 2014 with an overall value of US$3.9 bn. This segment is expected to grow at a CAGR of 8.0% from 2015 to 2021, by the end of which it will reach US$6.7 bn. Three-point belts dominated the global automotive seat belt market on the criterion of design. This segment was valued at US$10.3 bn in 2014 and held nearly 93.0% of the market.